Biden will announce major decision on student loan debt forgiveness as soon as Wednesday: report

President Joe Biden is expected to announce his decision on student loan forgiveness as early as Wednesday, according to MSNBC.

Five sources told NBC News that the president will announce his decision as early as tomorrow, while three sources told the outlet that the president plans to forgive up to $10,000 in student debt for people who earn less than $125,000 annually. The president is also expected to extend the pause on student loan repayments for several months.

"BREAKING: President Biden to announce decision on student loan debt forgiveness as soon as tomorrow, sources tell @NBCNews. He is expected to extend the repayment pause several months, and forgive loans up to $10,000 for people who make $125,000 a year or less."

Former Ohio State Senator Nina Turner (D) has called on Biden to cancel all student debt. Turner contends that canceling $10,000 in student loan debt when the average Black woman is $52,000 in debt and the average Caucasian borrower only holds $12,000 of debt is structural racism.

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"Canceling $10,000 in student debt when the average white borrower is $12,000 in debt while Black women hold on average over $52,000 isn’t just unacceptable, it's structural racism," she wrote.

According to the NAACP, Black Americans are the only group that owes more student debt than their annual income. Black Americans also owe 50 percent more in student loan debt after graduating than Caucasian Americans on average. White families also have approximately 10 times more wealth than the average Black family, and white college graduates have more than seven times more wealth than Black graduates.